(Alliance News) - Shares in Power Metal Resources PLC jumped on Wednesday, after the company said it had contracted drillers for the "highest priority target" at its Botswana prospect.
Power Metal Resources is an exploration company focused on North America, Africa, and Australia. Shares in the firm were up 18% at 1.00 pence each in London on Wednesday morning.
This came after Power Metal announced the imminent commencement of drilling at the Molopo farms complex project. In October, Power Metal said that it had identified the "highest priority" drill target at the southern Botswana site. According to the company, the identified conductor is located within a geophysical area where one "would expect to find accumulations of significant nickel sulphides within a mafic/ultramafic complex".
Since the October discovery, Power Metal has advanced plans to drill test the target. The company has now contracted Discovery Drilling Contractors Africa, a Gaborone-based mining services company, to mobilise for the planned programme, with drilling expected to commence in the coming days.
Chief Executive Officer Sean Wade said: "I am pleased to confirm the mobilisation for this important drill programme targeting the highest priority conductor identified to date at the Molopo Farms Complex Project in Botswana.
"We are very excited to be getting this work underway, which is testament to an immense amount of technical analysis and preparatory work completed by the team."
Power Metal also announced that Kalahari Key Mineral Exploration Pty Ltd had received extension licence documents from the Botswana department for mines, granting the company the right to prospect for a two-year period. Power Metal holds an 88% interest in Kalahari, which itself holds a 100% stake in the Molobo farms project.
By Hugh Cameron, Alliance News reporter
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